The Metaverse Glossary is a term that has gained increasing prominence in recent years, as virtual worlds and online communities have become more integrated with our daily lives. The Metaverse can be defined as a virtual space where users can interact with one another in real-time, using avatars to navigate and engage with the world around them. As this concept continues to evolve and expand, a new language is emerging to describe the various elements and concepts that make up the Metaverse.
In this article, we’ll explore some of the key terms and concepts you need to know to understand the Metaverse.
3D engines
A rendering engine for virtual computer simulations and video games.
Airdrop The token distribution method is used to send cryptocurrency or tokens to wallet addresses.
Artificial Intelligence
The constellation of many different technologies combines to power machines to sense, comprehend, act, and learn with human-like levels of intelligence. Artificial Intelligence engines can analyse 2D images or 3D scans to generate more realistic and accurate avatars, as well as NPCs that can facilitate lifelike conversations with users or perform other specific tasks.
Augmented Reality (AR)
A real-world environment is enhanced by virtual, interactive objects. AR facilitates visual, auditory, and other sensory interactive information in real-world ecosystems to improve the experience for users.
Avatar
Avatar is a digital and graphical representation of a real-life human. This can be a 2D picture or an animated, walking-and-talking digital figure.
Extended Reality (XR)
An umbrella term for computer-generated environments merging physical and virtual worlds, such as virtual, augmented and mixed reality. It is proposed that one day, the lines between VR, AR, and MR, might blur, which will make XR a more appropriate term.
Digital Twin
“Digital twin” is a virtual counterpart of an object that exists in the real world. It can be used in a computer simulation of a real-world event or action.
Edge computing
The technology that takes care of the faster data transmission requirement that the Metaverse’s advanced infrastructure must fulfil for modern businesses all over the world. It supplies end-users with storage, computation, data and application solutions such as cloud computing services.
Internet of Things
IoT sensors will transmit data across the devices in the Metaverse. For example, users will be able to feel an object with the help of haptic gloves or study the solar system as if it’s right there in front of them through a VR headset.
Interoperability
Interoperability refers to the ability of different computer software systems to exchange information, communicate with one another, “understand” and make use of the information being transferred. This means that users on one platform can seamlessly engage and interact with users on a different platform, as well as share data and content.
Machine Learning
A branch of AI and computer capabilities that focus on the use of data and algorithms to mirror the way that humans learn.
Metaverse
A digital universe consisting of interconnected 3D spaces that allow people to work, shop, and spend leisure time. This is usually done through avatars or by wearing VR headsets. The discussion of whether or not we have such a metaverse, or whether we will have one in the future, is still ongoing.
Metaverse Wallet
Also described as a digital wallet, a metaverse wallet allows users to hold and make transactions with cryptocurrency. In most digital environments, a wallet will be essential to not only manage crypto but also track the history of metaverse glossary transactions in a safe and transparent environment.
Metaverse as a Service (MaaS)
An enterprise solution that, similar to Software-as-a-Service (SaaS), enables diverse individuals, retailers, and organisations to enhance their presence in a 3D virtual environment by using existing Metaverse glossary infrastructure.
Metaverse Marketplace
A decentralized platform built on a blockchain ecosystem where Metaverse users can buy, sell, and exchange virtual goods and assets.
Mixed Reality (MR)
The fusion of the virtual and real, combined with elements of VR and AR. Individuals can interact with real-world objects, and virtual objects can interact with real-world objects.
Persistence
Allows endless virtual opportunities for everyone that are accessible anytime, anywhere. The Metaverse glossary is always on and always evolving, even when there is nobody interacting with it.
Phygital
Bridging the gap between the physical world and the digital.
Play-to-Earn
P2E games allow players to earn in-game cryptocurrencies or virtual items by playing games, winning battles and competitions, completing challenges, and renting or selling their assets (as NFTs).
Sandbox
Can refer to the metaverse platform The Sandbox or to a specific type of game that allows players the freedom to shape things in their digital open world.
Snow Crash
The original term for ‘Metaverse’ originated in a 1992 sci-fi novel by Neal Stephenson. He described the VR-based evolution of the internet and outlined a Metaverse where humans interact as avatars in a 3D virtual space.
Spatial Computing
The technology that immerses humans into the computing environment and adds computing to objects in our real-life spatial environments. From output technologies like 3D graphics and spatial audio and image, gesture, and facial recognition, to digital twins and advanced user interfaces, spatial computing is a pillar technology required to power the Metaverse.
Teleporting
The ability to be instantly transported across space to a remote virtual (or physical) location. In the Metaverse, this usually happens via VR or AR technologies.
Virtual land
The digital terrain on which your avatar can roam in the virtual ecosystem of the Metaverse.
Virtual Reality (VR)
Virtual Reality, a computer-generated environment with digital scenes and objects that appear to be real, makes the user feel like they are physically immersed in their surroundings. Users put on a headset and can see, and operate within, a digital world.
Virtual Reality Exposure Therapy (VRET)
The use of VR to simulate real-life phobias for exposure to people in a safe environment. These evidence-based techniques have been developed in collaboration with recognized psychologists, therapists, and mental health professionals.
Virtual World
A virtual world is a simulated version of the real world or an entirely new environment created through computer rendering technology. Virtual worlds are meant to be inhabited and allow the interaction of their users through avatars (personified representations of the user within the digital environment). Tied to the concept of the metaverse, virtual worlds have several characteristics: they’re boundless, persistent, decentralised and immersive. A virtual world will have its own economy (with a native marketplace) and a host of experiences for its users to engage in.
Ingrid Maldine is a business writer, editor and management consultant with extensive experience writing and consulting for both start-ups and long established companies. She has ten years management and leadership experience gained at BSkyB in London and Viva Travel Guides in Quito, Ecuador, giving her a depth of insight into innovation in international business. With an MBA from the University of Hull and many years of experience running her own business consultancy, Ingrid’s background allows her to connect with a diverse range of clients, including cutting edge technology and web-based start-ups but also multinationals in need of assistance. Ingrid has played a defining role in shaping organizational strategy for a wide range of different organizations, including for-profit, NGOs and charities. Ingrid has also served on the Board of Directors for the South American Explorers Club in Quito, Ecuador.
